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CanAlaska stakes new rare earth project: 2008 drilling update

VANCOUVER, March 11 /CNW/ - CanAlaska Uranium Ltd. (CVV - TSX.V) is
pleased to report rare earth element assay results up to 10.4% REE from
samples collected during reconnaissance sampling, from a new area east of the
North East Wollaston Project in Manitoba, and provide an update of current
drilling.
Table 1. First Samples from UTH-1 Rare Earth Mineralization on New
Licence Area
Sample Area Type Rock Name REE LREE HREE Y Zr
% % % % %
JR063 U_Th_3 Outcrop Quartz Vein 10.415 10.214 0.201 0.129 0.666
WM175 U_Th_3 Outcrop White Granite 8.565 8.424 0.141 0.096 0.234
WM174 U_Th_3 Pebble White Granite 5.079 4.991 0.088 0.060 0.181
GM121 U_Th_3 Outcrop Granite 3.236 3.188 0.048 0.033 1.290
GM125 U_Th_3 Outcrop Meta Psammite 3.072 3.013 0.059 0.044 0.118
Frost
WM177 U_Th_3 Heave White Granite 2.230 2.187 0.043 0.031 1.540
WM178 U_Th_3 Outcrop Pink Granite 2.075 2.031 0.044 0.031 0.517
DC118 U_Th_3 Outcrop Pink Granite 1.809 1.786 0.023 0.019 1.270
GM124 U_Th_3 Outcrop Meta Psammite 1.603 1.585 0.018 0.014 0.969
GM119 U_Th_3 Outcrop Semi Pelite 1.571 1.537 0.034 0.026 2.910
GM122 U_Th_3 Outcrop Granite 0.889 0.875 0.014 0.010 0.419
GM123 U_Th_3 Outcrop Granite 0.588 0.580 0.008 0.008 0.979
JR061 U_Th_3 Outcrop Meta Arkose 0.358 0.352 0.006 0.004 0.108
DC116 U_Th_3 Outcrop Semi Pelite 0.240 0.236 0.004 0.003 0.026
JR064 U_Th_3 Outcrop Meta Arkose 0.178 0.175 0.003 0.002 0.084
DC117 U_Th_3 Outcrop Pink Granite 0.145 0.143 0.002 0.002 0.217
GM120 U_Th_3 Outcrop Granite 0.094 0.091 0.003 0.002 0.125
The Company has applied for a new mineral exploration licence, (covering
53,000 hectares) as shown on the attached map. This licence adjoins the
NE Wollaston project, and encompasses a large magnetic feature which the
Company believes is related to this very high grade rare earth mineralization.
In this area, there is no significant uranium mineralization associated with
the samples. The samples were collected from the first prospecting traverses
in this area. The majority of them are from outcrop over an area of
1 sq kilometre.
Elsewhere on the large NE Wollaston project, the Company has successfully
delineated a number of other areas of Rare Earth mineralization, which at
times is also associated with higher grade uranium (see NR February 27th
2008).
The rare earth elements (or "rare earths") are also known as the
lanthanide series of elements and include the 15 elements in the lanthanide
series of the Periodic Table of the Elements, plus yttrium and scandium. Rare
earth elements are used in a wide range of applications, from everyday
household items, such as television screens, rechargeable cell phone
batteries, to catalysts, supermagnets, and superalloys used in the aerospace
industry.
To view map, click here:
http://www.canalaska.com/s/NewsReleases.asp?ReportID=290507
All of these samples were collected during prospecting traverses with
locations recorded by GPS. Detailed notes of rock lithologies and area cover
from each sample location were recorded where applicable. All of the samples
were submitted to qualified Canadian Laboratories for analysis. These samples
were submitted to the Saskatchewan Research laboratories and analysed for
multi-element geochemistry and including uranium by tri-acid digestion and
ICP. The samples were collected by CanAlaska field geologists under the
supervision of Dr. Karl Schimann, and were shipped in secure containment to
the laboratories noted above. Peter Dasler, M.Sc. P Geo. is the qualified
technical person responsible for this news release.
2008 Drilling Update:
The Company is currently still drilling the first 2008 exploration target
at each of the "Cree East" and at the "Lake Athabasca" Projects. The Cree East
target has encountered difficult drilling conditions in altered rocks. Larger
diameter drill core is now being used. The Lake Athabasca project has
encountered significant epithermal style alteration in intrusive rocks. There
is no assay data or radiometric date to report for either project. The Company
will continue drilling at each of these projects until the end of winter
conditions. Each project has at least six significant exploration targets
requiring drill testing within the current operating areas.
About CanAlaska Uranium - www.canalaska.com
CANALASKA URANIUM LTD. (CVV - TSX.V, CVVUF - OTCBB, DH7 - Frankfurt) is
undertaking uranium exploration in seventeen 100%-owned and two optioned
uranium projects in Canada's Athabasca Basin. Since September 2004, the
Company has aggressively acquired one of the largest land positions in the
region, comprising over 2,500,000 acres (10,117 sq. km or 3,906 sq. miles).
CanAlaska has expended over Cdn$24 million exploring its properties in the
Athabasca Basin and has delineated multiple uranium targets. Initial drilling
results from the West McArthur Project revealed uranium mineralization and
significant zones of hydrothermal alteration, indicative of a favourable
environment for uranium deposition. Active drilling and exploration has
continued through the Summer, and Fall 2007 seasons at West McArthur and at
2 other significant projects. The Company's high profile in the prominent
Athabasca Basin has attracted the attention of major international strategic
partners. Among others, Mitsubishi Development Pty., a subsidiary of Japanese
conglomerate Mitsubishi Corporation, has undertaken to provide CanAlaska
C$11 mil. in exploration funding to earn 50% of the West McArthur Project. In
addition, exploration of CanAlaska's Cree East Project has commenced under a
C$19 mil. agreement executed with a consortium led by Hanwha Corporation, and
comprising Korea Electric Power Corp., Korea Resources Corp. and SK Energy Co,
Ltd.
On behalf of the Board of Directors
(signed)
Peter Dasler, M.Sc., P.Geo.
President &amp; CEO, CanAlaska Uranium Ltd.
The TSX Venture has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release: CUSIP No. 13708P 10 2. This news
release contains certain "Forward-Looking Statements" within the meaning of
Section 21E of the United States Securities Exchange Act of 1934, as amended.
All statements, other than statements of historical fact, included herein are
forward-looking statements that involve various risks and uncertainties. There
can be no assurance that such statements will prove to be accurate, and actual
results and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in the Company's
documents filed from time to time with the British Columbia Securities
Commission and the United States Securities &amp; Exchange Commission.